2016 Colorado Revised Statutes
Title 39 - Taxation
Specific Taxes
Article 22 - Income Tax
Part 20 - Refund of Revenues in Excess of State Fiscal Year Spending Limitation
§ 39-22-2002. Fiscal years commencing on or after July 1, 1998 - state sales tax refund - authority of executive director - repeal

(1) If, for any state fiscal year commencing on or after July 1, 1998, the amount of state revenues exceeds the limitation on state fiscal year spending imposed by section 20 (7) (a) of article X of the state constitution and voters statewide either have not authorized the state to retain and spend all of the excess revenues for that fiscal year or have authorized the state to retain and spend only a portion of the excess revenues for that fiscal year, the executive director shall, if the amount of the identical individual refund calculated pursuant to paragraph (a) of subsection (2) of this section exceeds fifteen dollars, for the taxable year commencing on or after January 1 of the calendar year in which that fiscal year ended, but prior to January 1 of the subsequent calendar year, calculate a temporary state sales tax refund in accordance with the provisions of this section to refund the amount of excess state revenues that is not refunded by another method established by law.

(2) (a) Subject to the provisions of paragraph (b) of subsection (7) of this section, as applicable, for the taxable year commencing on or after January 1 of the calendar year in which that fiscal year ended, but prior to January 1 of the subsequent calendar year, the executive director shall divide the total amount of excess state revenues that is not refunded by another method established by law and is required to be refunded by the number of qualified individuals expected to claim a refund in order to determine the amount of the refund that each such qualified individual would receive if each individual received an identical refund.

(b) If the amount of the identical individual refund calculated pursuant to paragraph (a) of this subsection (2) is less than or equal to fifteen dollars, the executive director shall allow each qualified individual an identical refund in the manner set forth in section 39-22-2003 (3) (a) and (3) (b).

(3) As used in this section, unless the context otherwise requires, "excess state revenues" means the total combined amount of:

(a) Excess revenues that voters statewide have not authorized the state to retain and spend and that are required to be refunded pursuant to section 20 (7) (d) of article X of the state constitution and that are not refunded by another method established by law for said fiscal year ending in that calendar year;

(b) Excess revenues that voters statewide did not authorize the state to retain and spend and were required to be refunded pursuant to section 20 (7) (d) of article X of the state constitution for any other fiscal year and that were not refunded by another method established by law prior to said fiscal year, but that were not refunded by the state as required; and

(c) (I) Revenues specified in section 39-28.8-605 (4).

(II) This paragraph (c) is repealed, effective July 1, 2017.

(4) No later than October 1 of any given calendar year commencing on or after January 1, 1999, during which the controller certifies, in accordance with the provisions of section 24-77-106.5, C.R.S., that state revenues exceed the limitation on state fiscal year spending imposed by section 20 (7) (a) of article X of the state constitution for the fiscal year ending in that calendar year, the executive director shall, if the amount of the identical individual refund calculated pursuant to subsection (2) of this section exceeds fifteen dollars, calculate the income classifications and the amount of the refund allowed for each income classification pursuant to section 39-22-2003 (3) for the taxable year commencing during said fiscal year that would refund the amount of excess state revenues that is not refunded by another method established by law.

(5) If one or more ballot questions are submitted to the voters at a statewide election to be held in November of any given calendar year commencing on or after January 1, 1999, that seek authorization for the state to retain and spend all or any portion of the amount of excess revenues for the fiscal year ending during said calendar year, no later than October 1 of said calendar year, the executive director shall, in addition to the calculations required by subsection (4) of this section:

(a) (I) Calculate the amount of the state sales tax refund that each qualified individual would receive if each individual received an identical refund by dividing the total amount of excess state revenues required to be refunded if one or more of such ballot questions are approved by voters statewide and that is not refunded by another method established by law by the number of qualified individuals expected to claim a refund;

(II) Calculate the amount of the state sales tax refund that each qualified individual would receive if each individual received an identical refund by dividing the total amount of excess state revenues required to be refunded if all of such ballot questions are not approved by voters statewide and that is not refunded by another method established by law by the number of qualified individuals expected to claim a refund;

(b) If the amount of any identical refund calculated pursuant to subparagraph (I) of paragraph (a) of this subsection (5) exceeds fifteen dollars, calculate income classifications and the amount of the refund to be allowed for each income classification pursuant to section 39-22-2003 (3) for the taxable year commencing during said fiscal year that would refund the amount of excess state revenues, if any, required to be refunded if one or more of such ballot questions are approved by voters statewide and that is not refunded by another method established by law;

(c) If the amount of the identical refund calculated pursuant to subparagraph (II) of paragraph (a) of this subsection (5) exceeds fifteen dollars, calculate income classifications and the amount of the refund to be allowed for each income classification pursuant to section 39-22-2003 (3) for the taxable year commencing during said fiscal year that would refund the amount of excess state revenues, if any, required to be refunded if all of such ballot questions are not approved by voters statewide and that is not refunded by another method established by law.

(6) (a) Upon calculating the amount of any identical individual sales tax refund and, if necessary, income classifications and the amount of the refund for each income classification in accordance with the provisions of this section, the executive director shall notify in writing the executive committee of the legislative council created pursuant to section 2-3-301 (1), C.R.S., of any such calculations and the basis for such calculations. Such written notification shall be given within five working days after such calculations are completed, but such written notification shall be given no later than October 1 of the calendar year.

(b) It is the function of the executive committee to review and approve or disapprove such calculated identical individual sales tax refund or such calculated income classifications and refund amount for each income classification within twenty days after receipt of such written notification from the executive director. Any such income classification or refund amount calculated pursuant to the provisions of this section that is not approved or disapproved by the executive committee within said twenty days shall be automatically approved; except that, if within said twenty days the executive committee schedules a hearing on such income classification or refund amount, such automatic approval shall not occur unless the executive committee does not approve or disapprove such income classification or refund amount after the conclusion of such hearing. Any hearing conducted by the executive committee pursuant to the provisions of this paragraph (b) shall be concluded no later than twenty-five days after receipt of such written notification from the executive director.

(c) (I) If the executive committee disapproves any income classification or refund amount calculated by the executive director pursuant to this section, the executive committee shall specify such income classification or refund amount to be implemented by the executive director. Any income classification or refund amount specified by the executive committee pursuant to this subparagraph (I) shall be calculated or adjusted in accordance with the provisions of this section.

(II) The executive director shall not adjust any income classification or refund amount that has not been approved pursuant to the provisions of paragraph (b) of this subsection (6) or otherwise specified pursuant to subparagraph (I) of this paragraph (c).

(7) (a) The amount of any sales tax refund calculated pursuant to the provisions of this section shall be published in rules promulgated by the executive director in accordance with article 4 of title 24, C.R.S., and shall be included in income tax forms for that taxable year.

(b) If one or more ballot questions are submitted to the voters at a statewide election to be held in November of any calendar year commencing on or after January 1, 1999, that seek authorization for the state to retain and spend all or any portion of the amounts of excess state revenues for the fiscal year ending during said calendar year, the executive director shall not publish rules or income tax forms containing any sales tax refund calculated pursuant to this section until such rules and forms may be published to reflect the impact of the results of said election on the amount of the refund to be allowed pursuant to section 39-22-2003 and that is not refunded by another method established by law.